Business Law Final Flashcards
Agent
Acts as representative for another person/thing
Ex: lawyer
Principal
Person/Thing who is being represented, gives authority
Ex: Client, you company boss
Independent Contractors
- NOT employees
- Principal cannot have control over means of performance but what it is to be completed
Employees
- ARE employees
- Principal controls manner and means of agents performance
Creating a Principal and Agent Relationship
- Express Agreement
- Implied Agreement
- Agency by Estoppel
- Agency by Ratification
- Agency by Court
Express Agreement
Clear, unambiguous agreement with the creation of an agency
- must be oral or written
Alberty v. Puerto Rico
Was an I.C. and believed she was an employee of the company,
- Need to define the factors that make a person an employee or not
Agency Implied Agreement
Not explicitly stated, inferred through actions, assume, conduct or nature of the relationship
Ratification after the fact
One party accepts actions of another person AFTER the act happened (without prior authorization)
- must be fully aware and ACCEPT it
Agency of Estoppel
Agency is created because there was a reliance on the agency, principal denied or accepted the agency
Agency by Court
when a court creates an agency through an order, can force somebody to be an agent
Terminating Agency Relationship
- Mutual Agreement
- If act is full-filled
- Lapse
- If a duty is breached
- Unilateral
- Death or Incapacity
- Material Change
Undisclosed
agency exists but does want identity to be known to a third party, acts on their behalf
Power of Attorney
giving someone FULL power to act on you behalf or for you
Land
structures, building, things on property
Chattels
Personal Property things
Intellectual Property
Copyrights, trademarks, patents
Sale of Property
Tangible or intangible transfer of good for a price
Gift of Property
property given
- Delivery/ Actual Transfer of the Item
- Intent to give as gift
- Acceptance
Will / Descent of Property
Property obtained through death or stated in will
Accession of Property
Taking someone elses (chattel) property and adding value
- Good faith
- Addition of Labor
- Increases value?
Confusion of Property
when whoever owns the property becomes so confusing and people cannot identify
Possession of Property
Can acquire property through abandonment, mislaid, or possession
Fasces
symbol of ancient Rome (and USA), bundle of sticks
Fee Simple Absolute
when EVERYTHING of property is going from A to B (no strings attached)
Transfer Fee Simple
Whatever A owns goes to B (sale, gift, or will)
Reverter Interest
A to B for B’s lifetime
give _ to B, if B dies –> back to A
Life Estate Pour Autre Vie
A to B for C’s Lifetime
give _ to B, if C dies –> back to A
Vested Remainder Interest
A to B for C’s life, then to D
give _ to B, if C dies –> give to D
Qualified Fees
Property transfer Ownership that has conditions to be met when transfered
Ex: sell land to be a park and park only, will be returned if used for something else
Contingent Remainders
If an act or condition is met THEN they get the property
Dead Hand
Deceased person’s control after their death
Defeasible Interest
Property that can be REVOKED if certain condition occurs
Ex: I give my farm to B, but if they marry Joe, I get it back
Vested Interest
Someone has a guaranteed right to receive property in future with no conditions
Ameliorative Waste
Changes to property that INCREASE its value but are done without permission of the owner
Concurrent Ownership
Two or More people that share ownership of property at the same time
Tenancy in Common
the default, ownership is based upon how much you contribute to the property, right of refusal
Joint Tenancy
Two or more people who own 100% of the property, right of survivorship
Right of Refusal
special relationship to buy out the other owner first before another person
Right of survivorship
in the event of death, there are no tax consequences
Deed
Transfers the ownership of property (actual transfer)
Title
allows person to possess use and transfer property (legal concept)
Warranty Deed
Seller promises to buyer they have a valid property without defects
Special Warranty
Seller claims they do not have a impaired title (could potentially have defects)
Quitclaim Deed
No warranties at all
Race Jx
Who ever records the deed first, if two deeds were the same
Notice Jx
Whoever was the most recent of purchase (if there was no knowledge of a better offer)
Race/Notice Jx
Who ever gets to record first, gets possession (unless the knew of the previous owner)
Non-possessory Interest
Right of use / Benefit from property without owning it or having physical possession of it
ex: an easement
Easement
Non-possessory interest, a usage right of something
Easement Appurtenant
Owned by land, travels with land
Easement in Gross
Owned by individual, travels with individual
Easement by necessity
Adverse Possession (Squatters Rights)
- Adverse (no permission)
- Open and Notorious
- Continuous
- requisite Time
(5. Maine Rule - good intent)
(6. Pay Property Taxes)
Eminent Domain
governments right to take property for public use, with Fair compensation to owner
Leasehold estates
possessory interest but NO ownership
Person can occupy the property under specific time and terms
Term Tenancy
Fixed time, automatically ENDs at each of the periods
Periodic tenancy
Automatically renews each period (unless terminated)
Tenancy at Will
no specified term, both can terminate at any time
Tenancy at Sufferance
Stayed without consent, no legal right to stay there
Tenant Duties
- Pay rent
- Not commit waste
- Maintenance
- Not to sublet
- Other on contract
Landlord Duties
- Actual Occupancy
- Quiet Enjoyment
- Warranty of Habitability
- (Maintenance) - Usually transfered to the landlord
- Other on contract
Dormant Commerce Clause
IMPLIED power on states from passing laws that go against interstate commerce
Awake Commerce Clause
Explicit power from congress to regulate interstate commerce
Commerce Clause
Congress the power “to regulate commerce with foreign nations, among states, and with the Indian tribes
1st
Speech, Press, religion, assembly, petition
2nd
Bearing Arms
3rd
Quartering Soilders
4th
Search and Seizure
5th
Rights of the Accused (due process, double jeopardy, self incrimination)
6th
Speedy and Fair Trial
7th
Jury in Civil Cases
8th
No cruel and unusual punishment
9th
Other rights retained by the people
10th
Powers reserved to the states and people
13th
Abolish Slavery
14th
Citizens and Equal Protection
15th
Voting Rights for all races
16th
Income Tax
17th
Direct Election of Senators
18th
Prohibition
19th
Womens Suffrage
20th
Date for New President (January 20th)
21st
Repeal of Prohibition
22nd
Presidential Term Limits
23rd
DC Voting Rights
(twenty three rhymes with DC)
24th
No Poll taxes
(twenty four - no tax at the door)
25th
Presidential Disability and Succession
(25 what to do if he aint alive)
26th
Voting Age lowered to 18
(26 - 6 - 2 = 18 years old)
27th
Congressional Pay Increases
11th
No Lawsuits against states
(1 vs 1)
12th
President and VP must voted seperatly
(1 ballot -> 2 ballot)
Bailment
Temporary transfer or personal property
- Actual transfer of possession
- Delivery to bailee
- Expected to be returned in same condition
Bailors Sole Benefit
Person who owns benefits (watching)
Bailees Sole Benefit
Person who is borrowing benefits (borrowing)
Mutual Benefit
Both bailee and bailor benefit
